For those who aren’t finding their dream home on the resale market, new home construction in the Turks and Caicos may be the best option for you. Although taking on a project like this in a different country may seem overwhelming, rest easy as there are a number of very good builders in the TCI. By building, you not only will you get the location, home and furnishings of your choice, but there are also financial advantages to building your own home.
The Process of Building a New Home in TCI
Step one to building your dream home, is finding the right location, luckily there is still no shortage of great options in Provo for every budget. If you are not familiar with the island, working with a quality real estate agent is key in assisting you in finding everything you want, in a good area.
When you purchase your lot, you will have to pay stamp duty on the land, however you do not pay TCI stamp duty on the build itself, a key financial benefit of building over buying an existing home.
Once you find your property, you then need to find the right builder and architect to design your new home. As mentioned above, there are a number of great builders in Provo who can assist you in building a home designed specifically for your future needs (ie short term rentals versus vacation property).
Construction Financing in the Turks and Caicos
Financing property anywhere in the Caribbean is not easy, and construction financing adds a wrinkle which certainly does not make it any easier. The banks in the Turks and Caicos are not overly aggressive in this sector today, which makes financing a new build difficult. Luckily we do have private mortgage options to assist you for both the construction and completed phase of your new home.
Qualifying for a private mortgage is relatively easy, but one hard rule is the amount of equity needed for a construction loan; 50% down payment will be required. Private mortgages rely on equity versus a typical mortgage which puts a lot more stock on income and credit history.
If you are considering building a new home in the TCI, talk to us today. We can help walk you through the process to make it less daunting, after all, you are building your dream home in the Caribbean, it is supposed to be fun!
